Canadian Imperial Bank of Commerce Stock Price, News & Analysis

CIBC (TSX:CM) announced a liability ruling against it from a New York court in a lawsuit initiated by Cerberus Capital Management related to a 2008 transaction. The court has yet to decide on damages, with a hearing scheduled for December 19, 2022. Cerberus claims damages of US$1.067 billion. CIBC intends to appeal the ruling, asserting it had not set aside provisions for this matter in its October 31, 2022, financial statements, believing it was likely to prevail. CIBC expects to recognize a provision in Q1 2023 based on developments in the case.

CIBC (TSX: CM) announced senior leadership appointments to enhance its client-focused strategy as of November 1, 2022. President and CEO Victor Dodig emphasized the importance of a purpose-led culture and industry expertise in driving the bank's success. Mike Capatides transitions to Vice-Chair, focusing on client relationships, while Shawn Beber steps up as Senior Executive Vice-President and Group Head, US Region. Frank Guse becomes Chief Risk Officer, joining the Executive Committee. These changes aim to strengthen CIBC's growth and service delivery across North America.

CIBC has launched a new Junior Debt Lending & Advisory team within its US Commercial Banking division, marking the bank's 17th specialty banking area. Led by industry veteran Charlie Sheridan, the team offers tailored lending solutions including subordinated debt and second lien loans for various needs such as acquisition financing and growth capital. CIBC aims to simplify complex financial needs for its clients with a specialized, relationship-driven approach.

CIBC has completed the Broadview Senior Apartments, a new affordable housing project in Chicago for low-income individuals aged 55 and older. The project includes 70 units, with 11 designated for tenants with special needs. CIBC provided a $5.3 million construction loan to Walsh Construction and made a $6.9 million equity investment. The facility features two elevators, a community garden, and on-site services offered by the Housing Opportunities Development Corporation. These efforts reflect CIBC's commitment to supporting community development and ensuring housing stability for seniors.

CIBC has launched its new Equipment Finance team within the US Commercial Banking group, marking its 16th specialty banking area. The team, led by Matthew Green, aims to provide client-centric financing solutions for capital expenditure acquisitions and sale-leasebacks. Services include various lease types and secured loans designed to assist clients in achieving their financial objectives. This initiative emphasizes an advisory-first approach to improve clients' financial profiles. CIBC operates across North America, serving 11 million clients with a range of banking solutions.

CIBC announced the completion of a rehabilitation project for a 160-unit affordable housing development on Chicago's south side, funded with $7 million in financing. The project, carried out by Related Companies, focused on improving living conditions in a Section 8 housing initiative, enhancing units and communal spaces. The units are designed to be affordable, with rents capped at 30% of income, and are well-located near public transport and amenities. CIBC emphasizes its commitment to supporting affordable housing initiatives, which foster community development.

CIBC has completed its latest affordable housing project at 1212 Larkin Ave., Elgin, targeting families and individuals, particularly those with disabilities. The project includes 48 units, funded by a $10.6 million construction loan, which supports renovations and new construction. CIBC secured a $705,000 grant from the Federal Home Loan Bank of Chicago for this initiative. Over 40% of the units are dedicated to individuals with special needs, offering on-site supportive services to assist tenants facing homelessness and disabilities.

Barclays Bank PLC has confirmed that there will be no changes to the constituents in the CIBC Atlas Select MLP Index during the quarterly rebalancing starting after October 8, 2021. The iPath Select MLP ETNs, linked to this Index, are traded on the CBOE BZX Exchange under the ticker symbol ATMP. Investors should be aware of the significant risks associated with these ETNs, including potential loss of principal, high volatility, and the absence of guaranteed coupon payments. The Index comprises 20 constituents from the Energy Sector, and its rebalancing methodology is based on credit ratings and trading volumes.

DALLAS, TX / ACCESSWIRE / October 6, 2021: NADG NNN REIT has closed a $202.5 million revolving credit facility, led by CIBC Bank USA and supported by six other banks. The funds will primarily be used for future acquisitions, marking a significant milestone for the REIT. With over 225 assets across 32 states, the REIT's enterprise value is projected to approach $1 billion within the next year. Leadership emphasized the strong market performance and strategic acquisition opportunities as key growth drivers for 2021.